§ 1701. Title.
§ 1701. Title. This chapter, consisting of §§ 1701-1713, shall be known as the “Municipal Tax Increment Financing Act.” 74 Del. Laws, c. 145, § 1;
§ 1703. Bonds to finance development of industrial, commercial or residential area authorized.
§ 1703. Bonds to finance development of industrial, commercial or residential area authorized. In addition to whatever other powers it may have, and notwithstanding any limitation of law, any municipality may borrow money by issuing and selling bonds, at any time and from time to time, for the purpose of financing the development of an […]
§ 1704. Payment of bonds.
§ 1704. Payment of bonds. Bonds shall be payable from the special fund described in § 1706(3)b. of this title, and the governing body of the issuer may also pledge its full faith and credit or establish sinking funds, establish debt service reserve funds or pledge other assets and revenues towards the payments of the […]
§ 1705. Application of bond proceeds.
§ 1705. Application of bond proceeds. All proceeds received from any bonds issued and sold pursuant to this chapter shall be applied solely for: (1) The cost of purchasing, leasing, condemning or otherwise acquiring land or other property, or an interest in them, in the designated TIF District or as necessary for a right-of-way or […]
§ 1706. Conditions precedent to issuance of bonds.
§ 1706. Conditions precedent to issuance of bonds. Before issuing any bonds, the governing body of the issuer shall: (1) Designate by resolution an area within its jurisdiction as a “TIF District”. (2) Receive from the appropriate assessor a certification as to the amount of the original assessed value. (3) Pledge that until the bonds […]
§ 1707. Resolution creating special fund.
§ 1707. Resolution creating special fund. The governing body of any municipality may adopt a resolution creating a special fund with respect to a TIF District, even though no bonds authorized by this chapter have been issued by such municipality with respect to that TIF District or are then outstanding. The taxes allocated to such […]
§ 1708. Uses of special fund; issuance of general obligation bond.
§ 1708. Uses of special fund; issuance of general obligation bond. (a) Uses of special fund when no bonds outstanding. — When no bonds authorized by this chapter are outstanding with respect to a TIF District and the governing body of the municipality so determines, moneys in the special fund for that TIF District created […]
§ 1708A. Pledge of revenue from taxes on tax increment into other fund.
§ 1708A. Pledge of revenue from taxes on tax increment into other fund. The municipality may pledge, by written agreement, that some or all of its property taxes levied on the tax increment shall be paid into a special fund created by an issuing body for the payment or reimbursement of the debt service on […]
§ 1709. Agreements to pay revenue from taxes on tax increment into special fund.
§ 1709. Agreements to pay revenue from taxes on tax increment into special fund. A county, which is not the issuing body, may pledge, by written agreement, that some or all of its property taxes levied on the tax increment shall also be paid into a special fund created pursuant to § 1707 of this […]
§ 1710. Ordinance authorizing bonds.
§ 1710. Ordinance authorizing bonds. (a) Required; mandatory provisions. — In order to implement the authority conferred upon it by this chapter to issue bonds, the governing body of any municipality shall adopt an ordinance which: (1) Specifies and describes the proposed undertaking and states that it has complied with § 1706 of this title; […]
§ 1711. Exemption of bonds from taxation.
§ 1711. Exemption of bonds from taxation. The principal amount of the bonds, the interest payable thereon, their transfer, and any income derived therefrom, including any profit made in the sale or transfer thereof, shall be exempt from taxation by the State and by the several counties and municipalities of this State. 74 Del. Laws, […]
§ 1712. Nature and incidents of bonds.
§ 1712. Nature and incidents of bonds. (a) Form of bond; deemed “securities.” — All bonds shall be in fully registered form. Each of the bonds shall be deemed to be a “security” within the meaning of § 8-102 of Title 6, whether or not it is either 1 or a class or series or […]
§ 1713. TIF District consistency with certified comprehensive plan.
§ 1713. TIF District consistency with certified comprehensive plan. The use of lands in a TIF District shall be consistent with the Comprehensive Plan for the area as certified pursuant to § 9103(f) of Title 29. 74 Del. Laws, c. 145, § 1;
§ 1714. Construction of chapter.
§ 1714. Construction of chapter. This chapter, being necessary for the welfare of the State and its residents, shall be liberally construed to effect the purpose of this chapter. 74 Del. Laws, c. 145, § 1;
§ 1715. Taxation of leased property in TIF District.
§ 1715. Taxation of leased property in TIF District. Whenever the municipality, as lessor, leases its property within the TIF District, the property shall be assessed and taxed in the same manner as privately owned property, and the lease or contract shall provided that the lessee shall pay taxes or payments in lieu of taxes […]
§ 1716. Special provision applicable to the City of Dover, Delaware.
§ 1716. Special provision applicable to the City of Dover, Delaware. (a) Any ordinance, resolution, or other law enacted by the City of Dover, Delaware under the provisions of this chapter may not pledge the full faith and credit of the City of Dover towards the payment of any bonds authorized by this chapter. (b) […]